Solana Price News Today – Elliott Wave Price Prediction & Technical Analysis, Price Update!

Solana Price News Today - Elliott Wave Price Prediction & Technical Analysis, Price Update!

Foreign Welcome to another update video about Solana Solana continues to be below this Descending trend line and overall that Could push us down in this Apex between This support level of 12.30 and the Descending trend line so basically you Could call this a descending triangle That is generally a bearish wave pattern And We absolutely aren't out of the woods Here yet in terms of possibly seeing Another low there are a few options and I want to talk to you about that because Solana has received a lot of selling off In the last few days and currently the Upside is not yet really convincing that We've seen here the higher level wave Pattern still suggests that this year Came down From the high at around 48 dollars in a Wave one it moved up in a wave two we Moved down in a wave three And well that's the thing now now we Have two possibilities either the Wave 4 Was already in here and this was already The fifth wave Or This was just a wave a we've come down In a wave B and we're gonna move up in a C wave before we come down yeah so that The Wave 4 was not yet complete so to Put it simply Either way 4 is still to come with a

Larger retracement or wave 4 was Finished here that is what is unclear at The moment Um I can tell you what I think and what My view is and where I think we're gonna Head and what needs to happen to get More confidence in a possible situation That a low is already in right So for me Um I currently do not yet see any Evidence that a law has been made It could be of course because we made a New low here so it could very well be This wave 5 was here this way for 4 was Here and that we have made the low yeah That we don't go any lower but the Problem is Um we've got a few few problems here so The first problem is we are still below The descending trend line a push above That would already be a good indication That things are changing but still way Too early yeah way too early Um especially with everything that's Still going on in the crypto space I'd Be highly highly uh I'd be very very Careful let's say it like that Now then even if we push higher than This even if we break Above This Descending trend line well it would lead To some short-term upside potential Possibly even here to this resistance at Around 18.60 And that would also be my first Target

Here for the C wave or four Um because this is an ideal well this is At least a minimum Target 4084 but as I Said it could be because of that it Could already be finished away fall but If we break above the descending trend Line I think this would be the first Target then if we break above that level The ideal Target for a wave 4 is Actually the 2247 level the 38.2 percent Flip level that's the ideal Target so we Still have to assume that this is a way For even if we get to that level And then even if we go above that level Due to the strength of the selloff we Had those Fibonacci levels are very much Extended they are far away from each Other Um and that is the you know why do I say This because away four can also go all The way up to the 50 FIB level It's only if it goes beyond that then a Wave 4 will get very unlikely and then I Would consider that something else is Going on and that's maybe something more Bullish is going on so Solana would need To do a lot to prove that things are Changing here Um obviously this will only be uh yeah This would be a strong indication that Things are changing but it wouldn't Really invalidate Um further downside because we still Have another possibility here and in

That I can count this entire move here Sideways as a triangle and if I count This as a triangle then we have also Five waves down but this could only be An a wave this is a b wave and then we Come down in C and as a b wave this Could move even higher Yeah and then we have key levels uh that Are relevant that are a little bit Higher so for example here 32 dollars so The problem is Due to Solana's price structure Basically the latest sell-off has made It very very hard for Solana to convince Us that a low is already in it will be Very hard of course you know the Advantage at the moment is that we've Really really pulled very close to Support So a long trade could of course Be entered with a very tight stop loss So the risk is quite small the reward Potentially quite high but it's still Highly well it is still let's say highly Risky in terms of the probability of the Trade working out in my opinion a long Trade at least because the chart is in a In a state of uncertainty we haven't got A clear Trend it might be changing at The moment yeah it might be I mean you Can um see on the chart if we take a Look for example at the relative Strength index but I would like to go Actually to the for our chart for that You can see that we actually have a

Bullish Divergence so that's an Indication that things could be changing Because we have a slightly lower low on The price chart slightly higher low on The RSI but it's way too early to Confirm that it's way too early so again A break out above the descending trend Line could lead to some significant Upside but it could still be all within A broader bearish context so a lot would Need to happen and if we say we come Down we talked about key support levels For Solana and let's just make that here Until the daily In terms of key support so let's look at Volume support and for that we are going To add the vrvp and in terms of volume Support there's plenty of support Starting at around five dollars so that Is way down that's way down Um but then we have actually key support In the current range where we are so After that you have a bit of a black Hole here Um I think ten dollars is continues to Be like psychological support but you've Got here key support where we currently Are around 40 14 13 if we drop below 13 I think ten dollars will be some Psychological support Um and then it's all the way down to Five dollars four dollars and I think Below five dollars it will get seriously Interesting but

Then until then you know Um things are fairly difficult and Either it needs to give us a signal to The upside and really need to move up in An impulsive fashion and then we could Buy the setback or it goes down so low That it starts to get interesting again Below maybe five dollars even but uh Yeah the point is at the moment we Haven't got any signal that is bottomed Um but we have pulled back very close to Support and short-term upside is Certainly possible here if we manage to Break above that descending trend line You can actually see why we are Struggling here because this is sort of A bit of a barrier of resistance Um so as soon as we push above that Trend line things like should get a Little bit better and we have a chance To Rally all the way up to in the first Instance 18 Okay and that's my update about Solana So hopefully you like the update if you Did please hit the like button leave a Comment and subscribe and if you really Like the content then please check out The channel membership thanks a lot for Watching bye

Leave a Reply

Your email address will not be published. Required fields are marked *